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Vendor Management Includes Vendor Selection: How to Shop For the Right Vendor

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Vendor Management Includes Vendor Selection: How to Shop for the Right Vendor

On Demand

September typically kicks off the budget planning season for the coming year, and you and your colleagues may be asked to start the process to choose a new vendor. With the 5 P’s tenet of Proper Planning Prevents Poor Performance, we’ll share our best practices to map out the methodology necessary to select the right vendor – and for the right reasons. Some items covered will include:

  • Conducting a needs assessment for the vendor/program that coincides with the FI’s business and operational objectives
  • Identifying key stakeholders internally for consensus building prior to the onset of the project
  • Building a list of possible vendors

  • Writing an RFI, RFP and/or RFQ as well as interview/demo questions

  • Creating a vendor evaluation scorecard as well as SLAs

  • Deciphering vendor due diligence packages and drafting contractual language

  • Saying ‘no’ to the vendors not selected - with feedback

  • Rolling out a successful onboarding/implementation plan

This webinar will be chock full of tips that will help you effectively deal with both potential as well as existing vendors with your outsourced technology platforms.